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Beacon Enterprise Solutions Reports Fiscal 2011 First Quarter Financial Results

LOUISVILLE, Ky. Feb. 14, 2011 www.askbeacon.com December 31, 2010

http://photos.prnewswire.com/prnh/20101021/DA85933LOGO

Financial Highlights for the Fiscal 2011 First Quarter:

  • $4.0 million $2.9 million
  • $0.3 million $0.5 million $2.5 million $1.3 million $1.2 million $1.1 million
  • $6.3 million ($1.0) million $7.9 million
  • $0.17 ($0.04)
  • $6.2 million $12.9 million
  • $11.6 million $6.4 million $5.2 million December 31, 2010 ($2.0) million September 30, 2010

Bruce Widener Switzerland $70 million

Jerry Bowman

Aggregate Future Value of Backlog:

Aggregate Future Value of Backlog reflects the projected revenue impact of existing engagements over a one to four year period and is subject to change as work is completed and/or the scope of various engagements changes over time.  Backlog includes the projected value of recently announced, multi-year ITS managed services engagements as well as short-term projects for which the Company has been engaged to provide network design, engineering, implementation and/or project management services.

Tuesday February 15, 2011 10:00 a.m. EST

Tuesday, February 15, 2011 10:00 a.m. EST December 31, 2010 Bruce Widener Jerry Bowman Michael Grendi Canada http://www.askbeacon.com/ 11:59 p.m. EST Thursday, February 17, 2011

About Beacon Enterprise Solutions Group, Inc.

Louisville, Kentucky Dublin, Ireland Prague, Czech Republic the United States Europe

www.askbeacon.com

This press release may contain "forward-looking statements." Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan.  Although we believe that the expectations reflected in any forward looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results.  The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

Financial Tables Follow

Beacon Enterprise Solutions Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(all amounts in 000’s except share data)

December 31,

September 30,

2010

2010

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$               108

$                 246

Accounts receivable, net

4,241

4,535

Inventory, net

526

557

Prepaid expenses and other current assets

608

357

Current assets of discontinued operations

133

Total current assets

5,483

5,828

Property and equipment, net

385

420

Goodwill

2,792

2,792

Other intangible assets, net

2,947

3,011

Other assets

27

20

Total assets

$          11,634

$            12,071

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)

Current liabilities:

Bridge note – related party

$               100

$                 100

Current portion of long-term debt

261

379

Senior Secured Notes Payable, net of deferred debt discount of $78

1,473

Accounts payable

2,368

2,971

Accrued expenses and other current liabilities

1,952

880

Current liabilities of discontinued operations

8,558

Total current liabilities

6,154

12,888

Non-current Line of Credit – related party

630

Long-term debt, less current portion

136

403

Deferred tax liability

167

153

Total liabilities

6,457

14,074

Stockholders’ equity (deficiency)

Preferred Stock: $0.01 par value, 5,000,000 shares

authorized, 1,041 shares outstanding in the

following classes:

Series A convertible preferred stock, $1,000 stated value,

4,500 shares authorized, 30 shares issued and outstanding

at December 31, 2010 and September 30, 2010, respectively,

(liquidation preference $94)

30

30

Series A-1 convertible preferred stock, $1,000 stated value,

1,000 shares authorized, 311 shares issued and outstanding

at December 31, 2010 and  September 30, 2010, respectively

(liquidation preference $442)

311

311

Series B convertible preferred stock, $1,000 stated value,

4,000 shares authorized, 700 shares issued and outstanding

at December 31, 2010 and September 30, 2010, respectively,

700

700

(liquidation preference $981)

Common stock, $0.001 par value 70,000,000 shares authorized

37,376,396 shares issued and outstanding

at December 31, 2010 and September 30,

2010, respectively.

37

37

Additional paid in capital

37,491

37,137

Accumulated deficit

(33,473)

(39,711)

Accumulated other comprehensive income (loss)

81

(507)

Total stockholders’ equity (deficiency)

5,177

(2,003)

 Total liabilities and stockholders’ equity

$          11,634

$            12,071

Beacon Enterprise Solutions Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(all amounts in 000’s except share and per share data)

For the Three

For the Three

Months Ended

Months Ended

December 31,

December 31,

2010

2009

Net sales

$              3,974

$              2,873

Cost of materials sold

276

483

Cost of services

2,523

1,276

Gross profit

1,175

1,114

Operating expenses

Salaries and benefits

1,675

1,041

Selling, general and administrative

888

1,017

Total operating expense

2,563

2,058

Loss from operations

(1,388)

(944)

Other expenses

Other expenses

(285)

(185)

Change in fair value of warrants

(24)

Total other expenses

(285)

(209)

Net loss before income taxes

(1,673)

(1,153)

Income tax benefit (expense)

38

(39)

Loss from continuing operations

(1,635)

(1,192)

Net income of discontinued operations including gain on

deconsolidation of $7,892 in the three months ended

December 31, 2010)

7,892

161

Net income (loss)

6,257

(1,031)

Series A, A-1 and B Preferred Stock:

Contractual dividends

(19)

(48)

Deemed dividends related to beneficial conversion feature

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